Hoseasons sold in £51 million deal

Self-catering tour operator Hoseasons has been sold to the parent of rival Holiday Cottages Group Wyndham Exchange and Rentals for £51 million.

The deal ends months of speculation about a buyer for Hoseasons which was put up for sale by its owner HgCapital last year.

The agreement is subject to agreement by the Financial Services Authority

Roger Mountford, chairman of HgCapital Trust, the listed investment vehicle of HgCapital, said: “This is another successful investment by HgCapital that has created value for our shareholders. 

“The team at HgCapital has worked closely with Hoseasons’ talented management, led by its chief executive Richard Carrick, to transform this long-established business, with excellent results. We wish the company well with its new owners.”

Carrick added: “I would like to thank HgCapital for the help and support they have given Hoseasons over a number of years.  We very much look forward to taking our business forward with Wyndham.”

Hoseasons said last year the company sold more than 300,000 self-catering holidays to one million customers.

HgCapital Trust’s holding in Hoseasons had a book value at 31 December 2009 of £2.5 million, based on the directors’ valuation.

On completion of the sale, the Trust will realise estimated cash proceeds of £5.1 million, a multiple in excess of 2 times the book value of the investment and 2.3 times original cost.

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